US: Biden's student loan relief plan to cost $30 billion a year over next decade

This controversial move is in keeping with a pledge he made in his 2020 campaign for the White House



Photo: AFP
Photo: AFP

By Reuters

Published: Fri 30 Sep 2022, 7:59 AM

On Thursday, a new estimate by the US Education Department showed that the one-time student debt relief plan announced by President Joe Biden in August would cost an average of $30 billion a year, over the next decade.

The Congressional Budget Office (CBO) said this week that Biden's plan to cancel some student loan debts would cost $400 billion.

Biden had said in August that the US government would forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in his 2020 campaign for the White House.

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